Abraxas Petroleum Corporation (AXAS) Shares are Up 4.65%

Abraxas Petroleum Corporation (AXAS) : Traders are bullish on Abraxas Petroleum Corporation (AXAS) as it has outperformed the S&P 500 by a wide margin of 10.43% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 4.59%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 4.65% in the last 1 week, and is up 11.57% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.

The stock has recorded a 20-day Moving Average of 10.66% and the 50-Day Moving Average is 14.19%. Abraxas Petroleum Corporation (NASDAQ:AXAS): stock turned positive on Friday. Though the stock opened at $1.31, the bulls momentum made the stock top out at $1.35 level for the day. The stock recorded a low of $1.29 and closed the trading day at $1.35, in the green by 3.05%. The total traded volume for the day was 1,264,001. The stock had closed at $1.31 in the previous days trading.


The company Insiders own 12.3% of Abraxas Petroleum Corporation shares according to the proxy statements. In the past twelve weeks, the net percent change held by company insiders has changed by 24.54% . Institutional Investors own 28.04% of Abraxas Petroleum Corporation shares. During last six month period, the net percent change held by insiders has seen a change of 24.54%. Also, Ladenburg Thalmann initiates coverage on Abraxas Petroleum Corporation (NASDAQ:AXAS). The rating major has initiated the coverage with buy rating on the shares. The rating by the firm was issued on July 13, 2016.

Abraxas Petroleum Corporation is an independent energy company. The Company is primarily engaged in the acquisition, exploration, development and production of oil and gas. As of December 31, 2014, the Companys estimated net proved reserves were 42.4 million barrels of oil equivalent (MMBoe), of which 42% were classified as proved developed, 78% were oil and natural gas liquids (NGL) and 92% of which (on a PV-10 basis) were operated by the Company. The Companys daily net production for the year ended December 31, 2014 was 5,720 barrels of oil equivalent per day (Boepd), of which 77% was oil or liquids. The Companys oil and gas assets are located in three operating regions, the Rocky Mountain, Permian Basin and onshore Gulf Coast.

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